Ron Baron

Ron Baron

Last Update: 02-14-2017

Number of Stocks: 322
Number of New Stocks: 35

Total Value: $17,759 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ron Baron' s Profile & Performance

Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Web Page:http://www.baronfunds.com/

Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Total Holding History

Performance of Baron Partners Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20164.0411.96-7.9
2015-2.711.38-4.1
201410.2613.69-3.4
3-Year Cumulative11.6 (3.7%/year)29 (8.9%/year)-17.4 (-5.2%/year)
201347.6332.3915.2
201216.4160.4
5-Year Cumulative91.8 (13.9%/year)98.2 (14.7%/year)-6.4 (-0.8%/year)
2011-5.742.11-7.8
201031.5215.0616.5
200928.226.461.7
2008-46.67-37-9.7
200711.345.495.9
10-Year Cumulative81 (6.1%/year)95.7 (6.9%/year)-14.7 (-0.8%/year)
200621.5515.795.8
200514.374.919.5
200442.3510.8831.5
200334.9528.686.3
2002-18.07-22.14.0
15-Year Cumulative296 (9.6%/year)164.2 (6.7%/year)131.8 (2.9%/year)
2001-15.71-11.89-3.8
20004.82-9.113.9
199918.4221.04-2.6
199811.6828.58-16.9
199749.8833.3616.5
20-Year Cumulative593.5 (10.2%/year)339.2 (7.7%/year)254.3 (2.5%/year)
199616.1322.96-6.8
199536.9437.58-0.6
19944.761.323.4
199328.7810.0818.7
199216.837.629.2
25-Year Cumulative1638.3 (12.1%/year)791.8 (9.1%/year)846.5 (3%/year)

Top Ranked Articles

Baron Funds Comments on CoStar Group Guru stock highlight
Shares of CoStar Group, Inc. (NASDAQ:CSGP), a real estate data and marketing services company, fell in the first quarter as high-growth, high-multiple technology stocks sold off. The company reported financial results that were ahead of Street expectations, particularly on margin expansion. Bookings growth was strong. We believe that CoStar has potential to generate accelerating organic revenue growth and significant margin expansion as it leverages the multifamily marketing investments it has made over the last 18 months. (Neal Rosenberg) Read more...
Baron Funds Comments on MonotaRO Co. Ltd. Guru stock highlight
We currently own MonotaRO Co. Ltd. (TSE:3064) within the Industrials sector. Japan-based MonotaRO is an online distributor of machine tools, engine parts, and consumables for maintenance, repair, and operations (MRO) activity in Japan and is a strategic supply chain partner to Japanese businesses. U.S.-based W.W. Grainger is the company’s majority owner. Its online business model avoids the fixed costs of store-based competitors and allows it to pass on cost savings to its customers. We expect MonotaRO to continue to grow its share of the Japanese MRO segment and expand and compete in other large markets such as Korea. Read more...
Baron Funds Comments on Press Ganey Holdings Guru stock highlight
Press Ganey Holdings, Inc. (NYSE:PGND) is a leading provider of patient experience and employee engagement measurement, analytics, and strategic advisory services for health care organizations. The foundation of the business is its proprietary data set, which it collects from surveys of patients, doctors, nurses, administrators, and employees. In 2015, it distributed 105 million surveys, including 33 million electronically and 72 million by mail or phone. Read more...
Baron Funds Comments on Fastenal Co. Guru stock highlight
Shares of Fastenal Co. (NASDAQ:FAST), a leading distributor of industrial supplies, rose after reporting improving sales trends to start the year. We view the sequential strengthening of the company’s sales as evidence of some abating headwinds its business, notably in its energy-related end-markets. In addition, Fastenal displayed encouraging sales traction, and evidence of ongoing market share gains, in its manufacturing and construction end-markets. Based on several of its internal growth initiatives, including the installation of vending machines at certain customers’ worksites and the placement of full-time Fastenal employees at other customers’ sites, we believe the company is poised to generate accelerating earnings growth during the next several years. Read more...
Baron Funds Comments on IDEXX Laboratories Inc. Guru stock highlight
Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX), the leading provider of testing and diagnostics to veterinarians, gained after the company reported another quarter of strong financial results. We continue to believe that IDEXX’s business trends are improving and that its competitive position is becoming increasingly unassailable. The company’s placements of new diagnostic instruments in veterinary hospitals grew by almost 25% in its recent quarter. We expect this to be a key driver of future growth because these instruments require the ongoing purchase of high-margin consumables to perform in-clinic tests. In addition, the company’s network of domestic testing laboratories continued to grow at more than twice the rate of its main competitor. We believe that these trends, coupled with the revenue contributions from its new proprietary tests, has potential for better revenue and earnings growth during the next few years. Read more...
» More Ron Baron Articles

Commentaries and Stories

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Baron Emerging Markets Fund Comments on WH Group Ltd Guru stock highlight
During the fourth quarter we established four new positions while adding to a number of existing investments. WH Group Ltd (HKSE:00288) (Hong Kong), under the trade name Shuanghui, is the largest pork processor in China, which recently acquired Smithfield Foods, the largest U.S. player. We believe the growth potential in China is significant, given the country’s preference for pork, and particularly given that China appears to be in the early stages of a secular trend towards fresh processed and packaged proteins, which earn premium pricing and margins. The merger will allow for shared best practices, technology transfer, and operating synergies, while allowing this global leader to take advantage of pricing differences across its major markets. The combined company should generate attractive return on capital and cash flow, and with roughly half of its profits now coming from the U.S., we believe WH Group offers an attractive natural hedge against any future depreciation in the RMB. We also initiated positions in three banks. More...

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Baron Emerging Markets Fund Comments on NAVER Corp Guru stock highlight
Shares of Korea’s leading search company NAVER Corporation (XKRX:035240) fell in the fourth quarter due to a global internet sector correction and asset rotation away from emerging markets. We believe the company’s fundamentals remain strong as the e-commerce platform continues to drive ad revenue and gross merchandise volume. We remain optimistic on NAVER’s performance in 2017. (Shu Bai) More...

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Baron Emerging Markets Fund Comments on Bellamy’s Australia Limited Guru stock highlight
Shares of leading Australian infant nutrition company Bellamy’s Australia Limited (ASX:BAL) declined in the fourth quarter. The stock fell after management announced fiscal year guidance that missed Street expectations. The company is losing market share in China to other imported brands from Australia and Europe. We decided to exit our position owing to deteriorating company fundamentals amidst intensifying competition. (Anuj Aggarwal) More...

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Baron Emerging Markets Fund Comments on Bharat Financial Inclusion Limited Guru stock highlight
Shares of Bharat Financial Inclusion Limited (BOM:533228), India’s leading microfinance leading institution, declined in the fourth quarter due to growing concerns over an increase in non-performing loans in the microfinance industry (MFI). MFI operations have also been impacted by post-demonetization political interference in states such as Maharashtra and Uttar Pradesh, adding to industry stress. (Anuj Aggarwal) More...

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Baron Emerging Markets Fund Comments on Alibaba Group Holding Limited Guru stock highlight
Shares of Alibaba Group Holding Limited (NYSE:BABA), the largest e-commerce company in China, fell in the fourth quarter as a result of weakness in the Chinese currency relative to the U.S. dollar and increased spending by the company on original video programming. We continue to believe that Alibaba represents a unique opportunity to invest in the dominant provider of e-commerce and cloud-related services in the growing Chinese market. (Ashim Mehra) More...

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Baron Emerging Markets Fund Comments on Divi’s Laboratories Ltd. Guru stock highlight
Shares of Divi’s Laboratories Ltd. (NSE:DIVISLAB), a leading Indian manufacturer of complex active pharmaceutical ingredients, declined in the fourth quarter. The stock fell due to a surprise FDA inspection of Divi’s manufacturing facilities resulting in unfavorable observations and regulatory headwinds for the company. We retain conviction in Divi’s due to its industry-leading profitability and long-term relationships with major pharma clients and believe it is well positioned to sustain low-to-mid-teens earnings growth for the next three-to-five years. (Anuj Aggarwal) More...

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Baron Emerging Markets Fund Comments on Global Logistic Properties Guru stock highlight
Shares of Global Logistic Properties Ltd. (SGX:MCO), the leading provider of modern logistics facilities in China, Japan, Brazil, and the U.S., contributed to the fourth quarter performance. The stock appreciated following rumors that Global Logistic is exploring strategic alternatives, including a potential sale of the company. Shares also rose on reported quarterly financial results that beat Street expectations. (David Kirshenbaum) More...

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Baron Emerging Markets Fund Comments on Bidvest Group Ltd. Guru stock highlight
Bidvest Group Ltd. (JSE:BVT) is a leading South African conglomerate with business operations in financial services, automotive dealerships, electrical equipment, and freight services, among others. Shares rose in the fourth quarter after the company reported steady earnings growth despite a tough macro environment in South Africa. We are optimistic about Bidvest’s long-term prospects due to its defensive, diversified, asset-light businesses that are, in our view, operated by a best-in-class management team. (Anuj Aggarwal) More...

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Baron Emerging Markets Fund Comments on Magnit PJSC Guru stock highlight
Shares of Russia’s leading convenience store operator Magnit PJSC (LSE:MGNT) gained in the fourth quarter in line with peers and a strengthened ruble currency. Magnit is investing in several opportunities that, coupled with store growth reacceleration in the medium term, should lead to double-digit earnings growth for several years to come, in our view. (Aaron Wasserman) More...

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Baron Emerging Markets Fund Comments on Sberbank of Tullow Oil plc Guru stock highlight
Tullow Oil plc (LSE:TLW) is an exploration and production company focused mainly on Africa. Shares grew in the fourth quarter after OPEC’s decision to cut output caused oil prices to rise. In addition, Tullow reduced balance sheet concerns after receiving additional commitments from lenders and secured insurance payments for business interruption at its largest producing asset, Jubilee. We retain conviction based on Tullow’s operational improvements, production ramp up in Ghana, exploration upside in South America, and potential monetization of East Africa assets. (Chingiz Gadimov) More...

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Baron Emerging Markets Fund Comments on Sberbank of Russia PJSC Guru stock highlight
Shares of Russia’s largest bank Sberbank of Russia PJSC (MIC:SBER) were up in the fourth quarter. The company is delivering higher profitability from a reduction in credit costs, higher margins, and disciplined cost control. The stock also benefited from an increase in oil prices and a more benign outlook for the Russian economy post-U.S. elections. We continue to like Sberbank given its dominant position in the banking sector, its ability to sustain high-teens return on equity, and the potential for an improving Russian economy. (Jose Barria) More...

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Baron Emerging Markets Fund 4th Quarter Commentary Review of holdings and quarter Ron Baron - Baron Emerging Markets Fund 4th Quarter Commentary
Baron Emerging Markets Fund (the “Fund”) retreated 8.23% (Institutional Shares) for the fourth quarter of 2016, while its principal benchmark index, the MSCI EM IMI Growth Index, declined 7.32% for the quarter. Emerging market equities reversed last quarter’s solid gains and underperformed developed world equities, in our view, largely as a result of Donald Trump’s surprise election victory. For the full year 2016, the Fund gained 4.08%, while its primary benchmark index rose 5.84%. More...

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Baron Funds' Fifth Avenue Growth Fund Comments on athenahealth Guru stock highlight
We eliminated our small investment in athenahealth, Inc. (NASDAQ:ATHN) during the quarter. Although we think athena has a unique business model and best-in-class offering, we lack conviction in the company’s ability to overcome end market challenges (such as fewer opportunities and elongated sales cycles in the ambulatory market, and a trend among clients towards using one vendor for both hospital and ambulatory, a trend which favors competitors like Epic and Cerner) and decided to make room for other new ideas. We continue to monitor the company’s progress and may reconsider the investment thesis in the future. More...

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Baron Funds' Fifth Avenue Growth Fund Comments on Bristol-Myers Squibb Company Guru stock highlight
Bristol-Myers Squibb Company (NYSE:BMY) is a leading developer in Immuno-Oncology, the new wave of therapeutics aimed at displacing chemotherapeutics in cancer care with both improved efficacy (measured via survival outcomes) and safety profiles. While the class as a whole represents a success for society, the race for class dominance is heated and has proven to be difficult to predict. Coming into mid-2016, Bristol was the clear leader. The company squandered this lead in July when a widely anticipated clinical trial whose outcome was expected to read out positively, failed. While few question the drug’s efficacy, statistics and poor clinical trial design submarined Bristol and allowed competitor Merck to take the pole position commercially. Given the dire need for this patient population, the FDA granted Merck a pathway to market by the first half of this year that will give Merck at least a one year commercial advantage in time to market versus its competition. As a result, we decided to exit our investment in Bristol. While Merck has become the consensus leader, we think that their combination employs the wrong science approach and that Bristol is one of two players More...

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Baron Funds' Fifth Avenue Growth Fund Comments on First Republic Bank Guru stock highlight
We added to our position in First Republic Bank (NYSE:FRC) because our confidence in the company’s uniqueness, business model, and management continues to grow. The election results clearly suggest potential for higher interest rates, faster economic growth, lower corporate tax rates, and a more benign regulatory environment. We first purchased First Republic Bank earlier in the year because we believed it was a highly differentiated bank with a long runway for growth. First Republic Bank employs a unique, high-touch business model to serve wealthy customers in fast-growing, coastal markets of the U.S. A singular focus on client service leads to high customer retention and word-of-mouth referrals. Despite growing much faster than the overall banking industry, First Republic Bank is a disciplined underwriter with much lower credit losses than peers. We believe First Republic Bank can continue growing profitably for many years given its strong reputation and low penetration in large markets. More...

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Baron Funds' Fifth Avenue Growth Fund Comments on Expedia Guru stock highlight
We continued to ramp up our investment in Expedia, Inc. (NASDAQ:EXPE), which we initiated in the third quarter. Expedia is the largest global online travel agency in the U.S., and the second largest in the world. The company generates over $60 billion of global bookings and revenues of $6.6 billion. Expedia operates in 75 different countries and has over 18,000 employees globally. Expedia operates over 20 global brands including Expedia, Trivago, Hotels.com, Travelocity, CheapTickets, Wotif, Hotwire, and Venere. The company also recently acquired Orbitz and HomeAway. We believe Expedia is a leading player in a large and secularly growing online travel market where the penetration rate is still relatively low (Priceline Group and Expedia, the two largest players, account for less than 10% of the $1.4 trillion global travel market). Expedia has grown its supply of properties by 73,000 in the last two years (it now has 180,000 compared to 800,000 for Priceline) and improved its user interface leading to better conversion rates. We further believe that Expedia’s margins and overall profitability, which have been running at about half those of Priceline, are poised for significant More...

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Baron Funds' Fifth Avenue Growth Fund Comments on Synchrony Financial Guru stock highlight
We initiated a position in Synchrony Financial (NYSE:SYF), the largest provider of private label credit cards in the U.S. Synchrony partners with leading retailers such as Lowe’s, Walmart, and Amazon to offer their customers credit products to finance the purchase of goods and services. These partnerships are win-win since merchants benefit from increased sales and stronger customer loyalty, customers enjoy access to credit and promotional offers, and Synchrony earns high margins and returns on capital. We believe that Synchrony will be a prime beneficiary of the secular growth of private label credit cards. Private label card spending is growing two to three times faster than overall retail sales and has a long runway for growth given that private label represents only 3% of total card spending in the U.S. Synchrony is the largest player in a consolidated industry with meaningful barriers to entry including economies of scale, the importance of marketing expertise, close integration with merchants, and long-term contracts. Synchrony has a long track record of success under GE’s prior ownership that we believe More...

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Baron Funds' Fifth Avenue Growth Fund Comments on Intuitive Surgical Guru stock highlight
After a multi-year hiatus, we re-initiated an investment in Intuitive Surgical, Inc. (NASDAQ:ISRG) Intuitive sells the da Vinci robotic surgical system, which enables surgeons to perform minimally-invasive surgery in a number of different procedure categories. Minimally-invasive surgery benefits patients because they generally experience less pain and faster recovery after the procedure. Intuitive has held an effective monopoly on robotic-assisted surgery for many years. We believe the company has durable competitive advantages consisting of patents, technology, regulatory approvals, a worldwide installed base of systems, large salesforce, and balance sheet with over $4 billion in net cash. Although Intuitive is expected to face competitors in the future, we believe it will be difficult for competitors to displace the company and the company will maintain its leadership position. In 2016, roughly 750,000 procedures were performed worldwide using Intuitive’s robotic systems, an increase of 15% year-over-year. Intuitive generates revenue from instruments/accessories every time a procedure is performed More...

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Baron Funds' Fifth Avenue Growth Fund Comments on Naspers Limited Guru stock highlight
Shares of Naspers Limited (NPN), a South African internet and media platform company, fell 15% during the quarter largely due to the weakness of Tencent Holdings, a company in which Naspers has a large ownership stake. Additionally, the company’s pay TV business was impacted by the devaluation of the South African Rand. We believe that shares will recover as Tencent grows and Naspers takes steps to provide visibility into its internet investments. More...

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Baron Funds' Fifth Avenue Growth Fund Comments on Facebook Guru stock highlight
Shares of Facebook, Inc. (NASDAQ:FB), the world’s largest social network, fell 10% over the fourth quarter due to concerns over slowing revenue growth after management announced that ad inventory is not expected to be a major driver of growth starting mid-2017. We think the company will be able to grow revenue through improved targeting, higher pricing, and greater video consumption. Facebook is in the early stages of monetizing online video and Instagram, which are both starting to contribute to revenue growth, and taking advantage of WhatsApp and Oculus as additional growth opportunities. More...

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